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My home was foreclosed on in Sept. My redemption is up in April. My credit is severely bruised. How can I save my home?
Additional Details
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Adrian Wapkaplett | I work in real estate and I'm wondering what the general public is thinking about buying homes right now.? |
Is the media scaring all the buyers away? |
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Landlord
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I am thrilled with the market and increasing my inventory as fast as possible. |
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Emma S
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I live in California and I don't know anyone looking to buy, even with the lower prices. I know people struggling to make their mortgage payments, but they are making their payments. I know plenty of people looking to rent a home (from an apt) because of the selection and because they can rent a home much cheaper than buying.
I live in a neighborhood where most of the homes are occupied and not for sale, but I've driven by neighborhoods with nearly every home with for sale signs in front of them. It's really sad.
My understanding of buying a home was you had to have 20% down and no debt. I was shocked to hear of people who got into homes with zero down and in credit card debt. Why would anyone lend homes in the $300-600K range to people who have shown they cannot save and have debt? I blame the mortgage industry for their greed and foreclosed homeowners for their delusions.
That being said, I believe the worst has past and things will slowly get back to normal. |
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Terry S
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The media is in the business of selling "Their Media"
Whether that is newspapers, magazines, radio, etc.
Bad news sells, so they will overstate how bad things are out there to get people to read their media.
Fact is there are deals out there if you know where to look.
If you listened to the media, you would have bought right at the top in July 2005.
Back then there were stories of how:
1. Real Estate never goes down.
2. Everyone is getting rich in real estate.
3. If you don't buy today, you'll pay higher priced tomorrow.
Listen to the media, THEN DO THE EXACT OPPOSITE of what they are saying.
I know it's easy to say, but hard to go against human nature.
Good Luck
Terry S.
http://www.Welcome2Arizona.com |
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Dr. Deth
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I've been trying to buy some land for the past couple of months - having bad luck with perc tests and seller hiding info, but market isn't bothering me |
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scott h
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It doesn't matter who says what, the only reality is how many are selling and how many are buying (supply and demand).
Lots of homes are on the market and not many people are buying. This means it's a buyers market, prices are coming down and I get to pressure a seller to drop his price in an attempt to induce me to purchase his home.
You must take the good times with the bad.
I also think that the increase in home prices in many locations was mostly hype and the coming drop in prices is just a correction that was long overdue. |
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KEN K
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I BELIEVE IF YOU FIND A HOUSE that is excatly what you are looking for and would be hard to find another house that you would be as happy with go for it. but look for pricing in the pre 2004 range.
Otherwise sit it out for another year. |
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glenn
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I think there are a number of people scared right now. It is odd when you think about it. People bought homes for outrageous prices and used horribly risky loans for years and now some people are scared when they can get a great price and a very good solid loan.
You know they say in the stock market that real people often buy high and sell low. Just the opposite of what they intend to do. I think it happens in the real estate market also.
So the advice I would give someone on a national basis is they should learn as much as possible about their local market and see if job growth and stability seems likely for the future. They need to see how much housing stock is there in their local market. Also how much housing stock is there in the neighborhood they wish to buy in?
Remember that all real estate values are local and will be local when they sale, they need to check out the neighborhood closely. |
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redwine
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absolutely no reason to rush into a new house. We probably can't get a mortgage anyway. |
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Big Bully
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Nope, The media is only telling half the story, in reality they are running out of qualified buyers. No more loans that people cant afford. Home prices need to come down. |
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newmexicorealestateforms
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Hi Adrian, our experience has been that even though the media has caused a substantial amount of fear in buyers, what has happened to slow down home purchasers is the tightening of the loan requirements by lenders.
In addition what we are getting a lot of is lookie loos wanting to offer ridiculous prices on problem properties due to the media hype, I've been counseling my agents to qualify those buyers as to their real intent in addition to whether they qualify for loans or not. |
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lolboy
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Well I beleive the market is going to crash soon and other people believe so too so they won't buy property. |
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